Refinancing Your Vehicle Loan
At some point in the past, you obtained auto financing to buy a car. However, today you are having difficulty making the payments or you just feel as though your interest rate is too high. In fact, you're worried that it might eventually become an upside-down vehicle loan. Here's how can a refinance help you, and how can you accomplish this goal.
Reasons to Refinance A Vehicle
When you first took out the loan, you may have had low scores. While you were able to get approved for a bad credit auto loan, the interest rates were higher than you would like. At this point, you have stabilized your credit situation, and you now have higher ratings. The primary reasons people refinance are to:
- Lower their monthly payment
- Lower their monthly interest rate
- Increase the number of months to pay the loan back
Let Us Help You With Your Auto Refinancing
These benefits probably sound quite appealing to you, and you are eager to get started with the process. Well, CanadaAutoApproval.ca is here to guide you along the way.
Generally, for an auto refinance, you must contact the lender from which you have the original loan to find out the pay-off amount. In most cases, this is a bank or a car dealership. Auto refinancing means that you will also have to complete some of the same steps as when you originally took out the loan. And we make that process fast and simple:
- Apply online to find out how much you could borrow
- Gather your documentation such as paystubs, personal identification and your original loan paperwork
- We'll call you to review your application, and set up a time for you to visit us and finalize your refi
When you feel like your monthly payments are too high, you may want to consider auto refinancing with bad credit. The economic downturn may have caused you to wonder whether auto refinancing is an idea that makes sense. Auto refinancing through CanadaAutoApproval.ca can provide you with a bit of extra cushion in your monthly budget.
You may qualify to receive extra funds back if you have already put equity into your car, and access to these extra funds can be of great assistance in difficult financial times. Vehicle refinancing with a history of poor credit can help you to get a better grip of your current financial situation. You can work with our professionals to explore whether or not refinancing your current vehicle is an option for you.
Using Your Car as Collateral for the Loan
When you decide to pursue refinancing your car loan through a Toronto dealership, you should be aware that your car will likely be used as collateral. The dealership will need some form of property to secure the loan, and most dealerships use your actual vehicle. If you are unable to make your payments, then the dealership will retain ownership and possession of your vehicle.
It is important to have a solid understanding of your payment plan and to always make your monthly payments on time. You want to make sure that you stay on top of your monthly payments so that you never risk losing your car. This will keep you from making your credit situation worse.
Lowering Your Monthly Payments
By refinancing your existing auto loan, your monthly payments will likely become lower. You will be able to save some extra cash every month for other expenses that you may face. You can use this extra money for:
- Medical bills
- Holiday or birthday presents
- Child care or college expenses
Having some extra cash on hand will allow you to enjoy greater peace of mind in your daily life. You may be in a better position to support yourself and your family members. The result will be less stress, and being able to enjoy life a little more.
Get Immediate Cash Back
You may need access to an extra couple thousand dollars for serious emergencies in life. A medical operation or educational expenses may need to be met, and refinancing a car can help you get access to this extra cash. Our Ontario auto loan lenders can tell you how much you may be entitled to receive after refinancing your vehicle. This can help you decide whether refinancing your car is the right decision.
No matter what your loan terms are, it may be possible for you to refinance them. Car refinancing loans can help you feel like you are more able to manage your debt load. You will only have one monthly payment to make, and this can help put you at ease. If you feel burdened by too many auto loans, then it may be time to start thinking about car refinancing loans. Car refinancing loans can even put a little extra cash back in your pocket, and you can use this cash for any auto expenses that you may have. Whether you need a repair or a new set of tires, you can benefit when you decide to refinance your auto loans.
Consolidation All of Your Auto Loans
The consolidation of all of your auto loans is the major benefit of car refinancing loans. All of your loans are gathered and developed into a single loan. If your credit has improved in the past few years or months, then you may also want to think about auto refinancing. An auto refinance loan can provide you with much better terms than all of your loans currently offer. If you wish to pay off all of your auto loans in a shorter period of time, then you may also be able to consolidate auto loans into a plan that makes more sense for you.
Lowering the Interest Rate of Your Loans
Those who quality for auto refinance loans may be able to lower the interest rate of their loans which will help reduce the monthly payments that one owes. It can also reduce the principle balance that one owes for his or her auto loans. You can call our professionals at any time to see how an auto refinancing plan may help your current financial situation. We are available to perform calculations and help you see how an auto refinance plan could drastically reduce your monthly payments and principle balance.
Work with Our Professionals Today
You can fill out our car refinancing application to get started in changing your loan plan. There is no need for you to be stuck with a particular auto loan if it is not serving you in the best possible way. Our professionals at Canada Auto Approval will help you understand which refinancing plans are available to help alleviate stress in your life and provide you with some funds for your pocket.
After you have filed for bankruptcy, you can be left trying to rebuild your life. Perhaps part of rebuilding your life entails getting new transportation so that you can travel to work or continue to support your family. After bankruptcy, it can feel nearly impossible to purchase a new car with bad credit. You should be aware that there are car loans designed for people who have filed for bankruptcy. These car loans enable individuals who have filed for bankruptcy to get the financing that they need for a new vehicle. Our professionals can help those who have filed for bankruptcy in the process of exploring new auto loan options.
Refinancing Your Loans After Bankruptcy
After a bankruptcy, you may need to take out a:
- post-bankruptcy auto loan
- bad credit car loan
- buy here pay here auto loan
These loans may have a higher interest rate than you like, but you can apply for car loan refinancing at a later date. Many people still take out these loans because they need access to cash to buy a new car. You should know that you can take out one of these types of loans and still refinance them at a later date. If you take out a buy here pay here auto loan, you may not be stuck with that same loan for the rest of your life.
You can have a post-bankruptcy loan and still qualify for refinancing at a later time. Refinancing can help lower the total monthly payment that you make for your vehicle. You can also obtain a more favorable interest rate if you decide to refinance auto loans.
Improving Your Financial Situation
Refinancing your post-bankruptcy auto loans can help you improve your financial situation. You can get in touch with a professional to learn how much money you can save by refinancing your auto loans. Always know that refinancing your auto loans may be an option that you have after bankruptcy. Our professionals can help you learn more about what to do to qualify for a refinancing plan. You can also pre-qualify for a refinancing plan by getting in touch with our professionals.
Call us today to receive more information about auto loans. Auto refinancing can give you a second chance and help you enjoy additional financial relief. You may be able to get some a few thousand dollars in cash back from a refinance loan.
When you first purchase a new car, it is likely that your auto financing plan contains a loan that will be paid off in three to six years. This may be fine for you in the beginning of the payment process, but you may later feel like your payments are too high. If you have lost your job or are facing a tightened budget, then you may no longer be able to make payments under your current plan. It may be a good idea to consider applying for 96 month auto loan refinancing. This type of refinancing plan gives you:
- Extra time that you need to be able to repay your auto loans
- A few extra years to pay off the principle balance of your car
- A much-needed cushion in your financial situation
Take Stress Out of Your Life
When you refinancing your auto loan with bad credit for 96 months, you will feel like stress has been eliminated from your life. You will not have to worry about making ends meet or trying to scrape up enough cash to pay for your monthly payments. Your monthly payments will become much lower when you are approved for refinancing. This type of loan will become much more manageable for you.
Learn More About 96 Month Auto Loan Refinancing
If you want to learn more about how your current payments will be impacted by refinancing, then you should get in touch with our auto loan professionals. We can help you understand how your payments will be reduced under a refinancing plan. You can also eliminate the stress of finding an Ontario car dealer that offers 96 month auto loan refinancing plans. We can help you in the process of qualifying for auto financing. All you need to do is participate in our pre-approval loan application process and you could be driving home tomorrow!
When you have bad credit, you may be wondering whether refinancing a car is an option for you. Many people decide to refinance a home when they are suffering from financial problems. Refinancing a home helps to reduce monthly payments and can also put some cash back in one's pocket. Contrary to what society's perception may be, it actually is possible to refinance a car when you have bad credit. At Canada Auto Approval we are available to help you learn about the refinancing process for a car when you have bad credit. Refinancing your car may enable you to:
- enjoy a lower monthly payment
- receive a lower interest rate
- pay the loan off quicker
Our auto loan professionals can help you understand why refinancing may be the right option for you.
Eliminate Extensive Contracts
When you have auto financing for your vehicle, it is likely that you may have more than one loan. Some people take out multiple auto loans over the years to meet the expenses of their cars, and it can get downright confusing to deal with all of these contracts. You may even find that you have missed payments due to the many contracts that you have. Instead of continuing to miss payments or feel overwhelmed, you can eliminate all of the contracts. Canada Auto Approval can help you to refinance a car and reduce all of your contracts into one document. You will only have one monthly payment to make, and you will never have to worry about dealing with multiple contracts again.
Get Access to Equity in Your Car
If you have already put a significant portion of your funds into a vehicle, then you may want to obtain access to this equity. If you have to pay for an immediate expense, then you may want to learn how to refinance your car with bad credit. Refinancing your car will allow you to obtain access to the money that you have already paid into your vehicle.
Call Our Professionals for Help
Fill our online application form to receive pre-approval for refinancing plans today. You can also call our professionals at any time to learn more about how to refinance your car. We are here to help you succeed in obtaining the finance plan that you need.
The typical car buyer on a budget is going to opt for a used car as opposed to a new car. This is because used cars depreciate less, cost less to insure and feature lower sticker prices. If you finance your car purchase, can you refinance your used car loan in the future?
Refinancing Is Always an Option
You always have the option of refinancing your car. Some common reasons why you may want to refinance include:
- Taking Advantage Of Lower Interest Rates
- Extending The Loan Period
- Increasing Your Monthly Payment To Pay Off The Car Sooner While Paying Less Interest
These are all valid reasons for wanting to change the terms of your loan. Generally, CanadaAutoApproval.ca will look at your credit score, credit history before deciding whether or not to approve your refinancing request, but don't let bad credit stop you from applying. We specialize in subprime financing, and can work with any credit score.
Refinancing Through the Dealer
If you have a dealer loan, the dealer may or may not allow you refinancing through them. Borrowers who have a long history with their particular dealer can leverage that relationship to get whatever changes they need made to their loan. Those who have been struggling with their payment and as a result have a bad credit score may need to refinance through a third party like us because they don't have a good relationship with their dealer. We offer poor credit auto refinancing at competitive rates, even for customers whose original loan is not with us.
The Dealer Has an Incentive to Give You the Payment That You Want
When you have a loan through an outside lender, that lender will pay the dealer first. You then repay the lender the balance of the loan. However, the dealer does not get paid first if they originate the loan. Therefore, they will do whatever it takes to allow you to continue making your payments. Unfortunately, many Ontario used car dealerships would rather you use a different party if you're already behind on your payments because they feel as though it will be a repetitive history even with lower payments. This is where Canada Auto Approval comes in.
"Refinancing my auto loan with bad credit - how can I do it," is a pretty common question among people who are stuck in bad car loans but who don't have the credit scores that are necessary to qualify for refinancing through a lot of lenders, but you shouldn't worry; believe it or not, CanadaAutoApproval.ca is willing to help you out if this is your situation.
Refinancing My Auto Loan with Bad Credit: Why Should I Do I?
There are actually a lot of reasons why you might want to consider refinancing your car loan, regardless of what your credit score might be. These are a few things to consider when determining whether or not you want to refinance your car:
- Is your interest rate really high? If it is, you could pay thousands more for your vehicle than you should. Although a lot of lenders charge astronomical interest rates for those who have poor credit, you shouldn't have to pay a ridiculous amount of money in interest fees for your vehicle.
- Are your payments higher than you can reasonably afford to pay each month? You shouldn't have to struggle every month to pay your car payment, nor should you have to let your other bills slide to try to keep your car paid on time. Refinancing can help you lower your monthly car payment to something more reasonable and that you can fit more easily into your budget.
- Would you like to change the length of time that you have to pay on your car loan? This is entirely possible; you can either shorten your loan so that you can pay off your vehicle more quickly, or you can stretch it out to make your monthly payments more manageable.
How Can I Refinance My Vehicle with Bad Credit?
Even though you might think it will be close to impossible to find someone who is willing to refinance your vehicle for you if you have poor credit, you should know that Canada Auto Approval is here and we want to work with you. We have helped hundreds of individuals who have poor credit but who want to refinance their vehicles for one reason or another. With us you can achieve your dream of refinancing your car more easily than you might have originally thought.
If you own multiple vehicles, then there is a good chance that you have at least a couple of different car loans. More than likely, these loans also have varying interest rates, terms, and due dates. This can certainly be a hassle, especially when it comes to remembering the due dates of each of your car loans and trying to remember how much is due on each. Fortunately, there is a way to go about merging all of your car loans into one when you work with CanadaAutoApproval.ca, saving you money and making your life easier in the process. This is known as car loan consolidation.
What is Consolidation?
Just about anybody with multiple car loans can consolidate car loans by taking the proper steps. If the steps are completed properly, then the end result is one car loan for all the vehicles the person owns. The resulting loan will have just one interest rate and one due date. As you can imagine, this makes the person's life a lot easier when it comes to remembering exactly when the car loan needs to be paid each month and how much the amount is. Furthermore, by having just one low-interest rate, it is possible to save hundreds or even thousands of dollars over the life of the loan itself.
How to Consolidate
If you want to consolidate car loans, then you may be wondering what you will need to do in order to make it happen. Fortunately, the process is a lot easier than you might think. Basically, consolidation involves going through a process of several steps, which include:
- Seeking out an alternative lender to issue the consolidation loan
- Knowing exactly what the payoff amounts for the existing loans are
- Applying for a consolidation loan with a lower interest rate
All of this, as you can imagine, requires a bit of research and careful calculation. Specifically, this means finding out which lenders offer car consolidation loans in North York, Brampton, or London – to make it easier for you, Canada Auto Approval offers bad credit consolidation or even bad credit auto refinancing. From there, you should find out which ones you are eligible for and calculate how much each one would save you over the life of the loan. From there, you can apply for the consolidation loan by submitting an application that includes information about your existing loans, income, and employment.
Upon being approved for the loan, you can begin saving money on your monthly payments in no time.
There are many reasons why you may need to refinance a bad credit car loan. Many times people will get a bad credit loan with the specific intention of refinancing it later on under more favorable terms. Refinancing your bad credit car loan at CanadaAutoApproval.ca depends on how your situation has changed since you got the original loan and the reason that you need the loan.
Getting a Bad Credit Loan Refinanced if Your Credit Has Improved
If your credit has improved it will usually be an ideal time to refinance your loan. If your credit is very good you should be able to get a loan virtually anywhere, so where you get your loan depends on what you wish to do with the loan. If you are simply looking for a low interest rate we can help you achieve that. If you are looking to refinance your loan to lower your payments and extend the length of your loan you will pleasantly surprised how easy this is with us.
Getting a Bad Credit Loan Refinanced if Your Credit Has Declined
If your credit has declined since your original loan you may have limited options for refinancing. You can either refinance through a bad credit auto lender or you can refinance through a dealership. Either refinancing scenario will usually be adequate but an Ontario dealership refinance carries with it some specific benefits. A dealership refinance is usually more flexible than an auto lender refinance. It's also usually easier to get because a dealership refinance will usually be guaranteed to anyone, including those who do not have a good credit rating. Many dealerships will be able to offer a refinancing on the spot.
Other Aspects of Refinancing a Loan
Many people in Toronto never consider refinancing their car loan because they think it's just for their homes, but when you refinance with Canada Auto Approval, you will be showered with benefits.
- Refinancing a loan can be done to lower your monthly payments if you currently have a very tight budget. Refinancing can lower payments by extending the term of a loan over a longer time period.
- Refinancing a loan can lower interest rates even if your credit has declined if the overall interest rates have declined substantially.
- Refinancing a loan, similar to financing a loan initially, is best done by getting multiple quotes and comparing them all.
Get started today by filling out our online car loan refinancing application and you could be swimming in savings tomorrow!
If you feel as though you are currently paying too much per month on your auto loan, then you may, understandably, be wondering what steps you can take to lower your monthly payments. One of the best ways to typically go about making this happen is to refinance your existing loan. This is the process a borrower goes through to essentially take out a different loan to pay off the car. The new loan, in order to save the borrower money, has a lower interest rate and better loan terms overall, making it a more favorable choice in the long run.
Refinancing with Bad Credit
Unfortunately, if you have poor credit, then you may not be able to easily refinance your loan through the traditional banks in the Greater Toronto Area. This is because the process of applying for bad credit auto loan refinancing can be a huge pain in terms of the actual process that you need to go through in order to be approved. Not only do you need to have a steady source of income and solid employment, but a good credit score as well. Many people, however, have credit that is less than perfect. If this is a problem that you may run into when it comes time to look into refinancing, then you may be wondering what options you may have.
How to Get Approved
The good news for you is that there is always the option to apply for a bad credit refinance auto loan and to get approved without necessarily having to go through a credit check in the process. The key is to find a guaranteed approval refinancing company, like CanadaAutoApproval.ca, in Ontario that is offered through a dealership or privately as opposed to going through a bank or other major lender. Such dealership loans do not require you to go through the credit check process. Instead, we will base your approval on:
- Your income
- Your existing loan terms
- Your employment status
Essentially, so long as you have a steady and reliable monthly income in addition to a current place of employment, then you can enjoy the peace of mind in knowing that you can be approved for car loan refinancing. From there, so long as your loan terms such as the interest rate and other features are better than that of your previous loan, you can end up saving yourself a lot of money over time.
If you're rolling the idea of refinancing your used car loan around in your head, you're probably apprehensive about whether or not it's the best choice for you financially. If you decide it is, you probably don't know the next step to take, especially if your credit scores aren't in the best shape. Don't worry anymore, here at CanadaAutoApproval.ca, we make refinancing your used car loan with bad credit quick and simple.
Things to Consider if You Want to Refinance Used Car Loan
Before jumping into an auto refi there are some things you should take into consideration. For instance:
- Are you unhappy with the lender that you are currently dealing with on your car loan? If not, you should absolutely consider refinancing with Canada Auto Approval.
- Do you feel as if you were taken advantage of with your current vehicle and that your current interest rate is ridiculously high? If so, refinancing might be the only way to avoid paying thousands more for your car than it is worth.
- Are you on a tight budget? If so, a really high car payment can be a real drag and can make it difficult for you to take care of other important bills and financial responsibilities. Refinancing at a lower interest rate can lower your payment, however, as can agreeing to a longer-term loan. This can give you the breathing room that you need in your budget.
If any, or even all, of these things apply to you, you should definitely think about refinancing your used car now rather than later. Doing so can help you get into a car loan with a lender that is a lot easier to deal with and that understands your situation and doesn't try to take advantage of you with outrageous rates and fees, and it can also help you achieve your other financial goals by lowering your monthly payments to something that is a bit more manageable.
How to Refinance Your Used Vehicle Loan
Modifying your car loan probably isn't as tricky as you might think it will be. Our Toronto dealership offers lots of options for you, and you can discuss your current loan and situation with our finance managers to find the best deal, and to achieve your financial goals quickly and easily. We don't mind that you don't have a good credit score and are willing to help as long as you have a few things on hand, such as copies of your current loan documents, identification and income information that will help them structure the right loan for you.
Have you just gone through Consumer Protection or thinking about filing bankruptcy? If this sounds like you, you may be wondering if you can refinance a car loan with a these black marks on your credit report. The answer to that question is a yes, with CanadaAutoApproval.ca.
How To Refinance Car Loan With Consumer Protection
Refinancing your car loan allows you to lower your monthly payment as well as possibly lower your interest rate. If you have a bankruptcy or Consumer Protection on your record, it may be difficult to lower your interest rate when you refinance. However, you should still be able to adjust the length of your loan to help you pay off your loan quicker or take more time to pay off your loan depending on your needs.
What Are The Benefits Of Refinancing?
When you apply for a car loan modification it allows you to take advantage of a change in your credit situation to get better terms on your loan. Additionally, you may be able to cash out any equity that you have in your car if your lender allows you to do so. This can help you pay off other bills or pay off any debts related to filing your bankruptcy claim.
Who Should Refinance?
Anyone who is thinking about paying off their car loan in a shorter period of time should certainly refinance. While you can simply make larger payments, being forced to pay a higher minimum each month gives you the incentive to make those payments. Other people who may want to refinance are:
- Anyone Looking To Spread The Loan Over A Longer Period Of Time
- Anyone Looking To Change Their Interest Rate
- Anyone Who Needs The Flexibility To Pay Off Other Bills
Regardless of your credit situation, we allow you to refinance your loan to make it easier to pay off.
Refinancing a loan with Canada Auto Approval can make it easier to pay your car note while also making it possible to pay off other bills at the same time. If you have just come out of bankruptcy, you don't want to miss payments on your current loans and delay your effort to rebuild your shattered credit.
Some consumers may want to refinance their car loan even though they presently have bad credit. There are a few reasons why this might be necessary and there are ways that someone even with very bad credit can refinance a car loan. The way that the consumer refinances the loan will depend on what they are attempting to seek through the refinancing. Consumers can also consider taking some time to attempt to repair their credit before they try to refinance the loan.
Refinance to Take Someone Else Off the Loan
Sometimes a consumer will need to refinance their loan simply because they need to get someone else off the loan and off the car title. Even if the consumer is already making all of the payments they will still need to refinance as though they are taking on a new loan. This means that a consumer with bad credit may have some issues refinancing their loan. The best option to deal with a situation like this is to take advantage of a CanadaAutoApproval.ca dealership financed loan. This is because we are quite flexible about bad credit situations.
Getting Lower Loan Payments
One of the most common reasons a consumer needs to refinance is because they can't afford their monthly payments. Monthly payments can be lowered by increasing the term of a loan. A loan that only has a year left on it can be refinanced as a three year loan to cut payments into a third of what they formerly were. Automobile loan refinancing for longer terms is usually best done either through a bad credit car lender or through a dealership that offers financing. A loan through Canada Auto Approval is easier to acquire for a borrower with poor credit because they are guaranteed.
Taking Advantage of Interest Rates
A consumer with bad credit is very unlikely to be able to take advantage of lower interest rates unless their credit was even worse when they first originated the loan. If this is the case, the consumer will usually want to go with a bad credit loan or a dealership loan. Of these two, a dealership loan will usually offer better interest rates.
Tips for Refinancing a Car Loan
Before you jump into a refi it is best to do your research. Many of the dealerships in North York, ON will only refinance a car loan if it was originated with them. Here at Canada Auto Approval we can help you get out of your loan regardless of where it was originated. Research all the local Toronto lenders and dealerships that offer refinancing, and decide which is going to best fit your situation.
- Always get multiple quotes for a refinance. This will ensure you get the best rates.
- Try your best to increase your credit score just before refinancing. Small changes can make a difference.
- Interest rates fluctuate with the market. Try to refinance when rates are low.
Get started on your refi by taking a minute to fill out our online application. This will give you a pre-approval amount so you know what you are looking at in terms of interest rates. Once that is complete we will set up an appointment with you to meet with our finance managers and you could be on your way to huge savings today!
An auto refi is sometimes necessary for a variety of reasons. You may need to switch your lenders, may need to get someone else off the loan or may simply wish to renew the loan with a larger repayment period so that your monthly payments are smaller. There are many reasons why a refi can be very beneficial to someone with an automobile loan, but it isn't always possible to get a refinance with the same lender if you have bad credit. There is one place in North York, Toronto that will usually offer a bad credit auto refi, however, and that is CanadaAutoApproval.ca.
How to Locate In-House Financing
If you need a refi, you will first need to locate financing. You can call or visit your local automobile dealerships and ask them if they offer financing on the lot, but it is easier to do apply online from the comfort of your own home. Once you submit your application to us we will contact you to set up a time for you to come in and talk with our finance managers. They will be able to set you up a refinance that fits into your budget.
Reasons for Bad Credit Automobile Financing
One of the primary reasons someone might get an automobile refinancing with bad credit is because they can no longer afford the monthly payments. A refinance is the ideal way to avoid losing a vehicle because it allows you to pay lower monthly payments while still retaining your car. You can refinance your current loan amount over a time period as long as 9 years with some lenders, which means that you will be able to pay significantly lower monthly payments. Other reasons for automobile refinancing with bad credit may be because you need to remove someone, such as an ex-spouse, from the existing vehicle loan and cannot wait.
How Dealerships Can Help
There are other options for refinancing your vehicle loan other than to use a dealership. For instance, you could go to your local Ontario bank or credit union, but using Canada Auto Approval can prove beneficial for you, and here's how:
- We will be able to look over your refinancing documents and tell you the best way you can refinance to save yourself the most money.
- We can offer far longer repayment terms than most banks and other lenders, which means your monthly payments can be even lower.
- It usually takes only a single day to get a refinancing through us, whereas other lenders can take weeks.
If you need a refinance right now but are in a less than ideal credit situation, you will be happy to know that a guaranteed bad credit auto refinance may be accessible to you. Anyone who wishes to refinance an automobile loan, even without a good credit history, can go directly to a Toronto dealership that offers guaranteed loans like CanadaAutoApproval.ca. Most guaranteed auto loan dealerships also offer guaranteed refinancing. There are times when the dealer won't even check a borrower's credit, but will instead craft the appropriate loan product based on the borrower's current financial situation and needs.
Getting a Guaranteed Bad Credit Auto Refinance
Not all car dealerships in Ontario offer guaranteed loans or guaranteed refinancing so it is important to do research first. You can easily save yourself time and stress by using your home computer to find the nearest car lot that will approve your auto loan refinance.
- Go to a dealership that advertises either bad credit loans or guaranteed loans. There are many such dealerships available, and Canada Auto Approval is conveniently located in North York, Toronto. You can call dealerships if you are not sure whether they offer this type of financing.
- Present your current loan documentation to the financing department at the dealership. Our finance managers will be able to go over this information with you to determine the best loan product for you. You can discuss your needs with the financing department at this time, as well as explain why you need to refinance your loan.
- The dealership will handle everything for you from here. They will be able to create the appropriate paperwork as necessary and will present the paperwork for you to look over and sign. If there is anything in particular that you need, you can discuss it with the dealership before everything is finalized.
Things to Consider with an Auto Refinance
One of the best things that you can do with a refinance is extend the term of your loan even further than it already was, which makes your monthly loan payments a lot lower. A three year loan that has been extended to nine years, for instance, will have almost a third of the monthly payments. This is one of the primary reasons that people will refinance their loans, and it can be very useful for those who have very tight budgets.
Auto refinancing may hurt your credit score for the first few months prior to it, but will ultimately help your credit score in much the same way as your initial auto loan. Dealerships usually have fairly good rates for automobile refinancing when compared to banks and lenders, especially for those with bad credit.
You probably hear the term refinancing thrown around in regards to home loans, but you might not realize that it also applies to automobile loans. It's easy for anyone to find themselves stuck in a loan they can't afford. Even if you walk into the dealership knowing what you want, by the time you talk to a salesman and look at a few cars, you might walk away spending far more than you intended. Changes in your personal life can also change the way you think about cars. With auto loan refinancing from CanadaAutoApproval.ca, you have the chance to change your loan even if you still owe a significant amount.
Car Loan Refinancing
Car loan refinancing works in the same way as home loan refinancing. You can make one or more changes to the original terms of your loan. Most people who opt for automobile loan refinancing choose one of the following options:
- reduced monthly payments
- lower interest rates
- longer term limits
Reduced monthly payments and longer terms work together. You can refinance your loan to extend the date that your loan comes due, which reduces your monthly payments. Before you ask for longer terms, you need to look at the terms of your original loan. Some lenders will charge you a high fee to modify your car loan, and others will charge you a fee for extending your loan.
Seeking Professional Help
Would you ask your mechanic neighbor for advice after breaking your leg? With medical problems, you know you should talk to a doctor, but you might look to others for help when it comes to your finances. Stop talking to your neighbor, best friend or parent for help when you need to refinance your loan. Canada Auto Approval offers the help that thousands of people just like you used in the past, and we want to offer you the same level of help and expertise.
Our qualified agents can sit down with you to go over your current car loan. We can show you why you paid too much and find ways to help you save. Did you know that if your credit score goes up by just 50 points that you qualify for a lower interest rate? Catching up on your bills and making payments on time can increase your score. Get in touch with us to see if you qualify for refinancing based on your credit history or other factors.
Refinancing an auto loan can be absolutely critical when you have received an auto loan from a Ontario subprime lender. Some consumers may need to refinance their loan so that they can manage their debt. Other consumers may need to get someone off of their loan as quickly as possible. Bad credit auto refinancing options can be fairly limited but the options that are available are actually fairly reasonable. Consumers should make sure that they do the appropriate research before they commit to a refinance because it is just as large of a responsibility as initially financing a vehicle.
Things to Do Before a Car Loan Refi
Saving money is something North York, Brampton, Hamilton, and all Greater Toronto Area residents could use and CanadaAutoApproval.ca can help you do so with our car loan refinancing program.
- Consumers interested in a refinance should first do everything they can to improve their credit score. Certain things may be used to increase a credit score fast, such as paying down credit cards and loans.
- Refinancing is very similar to taking out an initial loan. A consumer that is going to apply for a new loan should gather all of their financial documents together so that they application process is faster.
Finding a Lender Who Offers Refinance
A bad credit refinancing may be possible through a conventional lender if the consumer can get a cosigner, but is also available through bad credit automobile lenders and through in-house dealerships. A bad credit automobile dealer like 99 Percent Approved is easy because we operate completely online and allow a consumer to find out whether they qualify instantly. These dealers allow you comparison shop easily, quickly, and without hassle.
Getting a Bad Credit Refinance at the Right Time
The actual process for refinancing a vehicle is usually far simpler than the process of getting a new vehicle. The consumer will usually simply have to give the relevant financial information to their lender. From there the lender will usually be able to take care of the process on their own and the consumer will simply have to sign the documents to finalize the loan.
The best time to refinance is when auto loan rates are down and when the consumer's credit rate is as good as it can get. Loan rates fluctuate occasionally so a consumer should avoid refinancing when the loan rates are higher than they have been recently. Consumers should also shop around to make sure they are getting the best rate available.
Car loan modifications from CanadaAutoApproval.ca can be a great way to ensure that you get the relief that you need while paying down your loan. If you are behind on your payments, your current lender could take your car away which will negatively impact your credit. Those who already have bad credit need to stem the problem before it gets too far out of control.
Car Loan Modifications Make It Easier To Pay Your Note
Car loan modifications, also known as an auto loan refinance, can come in a variety of shapes and sizes. Some ways that your loan could be modified include:
- An extended loan period with smaller payments
- A reduced interest rate for several months
- Missed payments are rolled into a new loan
The first and the third scenario are the most common ways in which your loan will be modified. Your interest rate may only be waived if you are having a severe hardship. In some cases, you will be asked to make up a part of the missed interest.
How To Get A Refinance on your Car Loan
One way to refinance your car loan is to ask your current lender for it. First, you will have to show that you are unable to continue making your payments as they are currently structured. Second, you will have to agree in writing to a new loan. Unfortunately, many Ontario lenders will not agree to modify their own loan. This is where Canada Auto Approval can come in handy. We can help you with auto refinancing with bad credit regardless of if your loan was from any other North York, Brampton, London, or Hamilton lenders to help you save money, and get current on your loan.
Get Your Account Labeled As Current
A loan modification can help you get your account back to current. This alone can help your credit score improve. In addition, you will stop the harassing creditor phone calls with their threats of taking your car away. It should be noted that you will need to check your credit report after such a modification is approved. Your account information may not update correctly on its own.
Those who are behind on their loan should apply for a car loan refinance as soon as possible. While your lender may gripe about it, they want their money more than a protracted fight. Therefore, it is more likely than not that you will get your modifications approved.
At CanadaAutoApproval.ca, we get phone calls, emails and visits from dozens of people every week who have questions about auto loan refinancing. You might find yourself in the same boat after losing your job or suffering other problems that cause your monthly costs to rise. Car buyers typically opt for refinancing because they either can't afford their payments or they learn that they can get a better rate. If you find yourself saying, "I need to refinance my car but my credit is bad," it's time to turn to us for help and support.
Refinancing with Bad Credit
A large number of people opt for refinancing because they have improved their credit since their original loan was obtained. Their lender based their loans on their original credit scores, but after increasing those scores, they find that they qualify for a better interest rate. When you say, "I need to refinance my car but my credit is bad," you might think that you don't qualify for a lower rate. Believe it or not, we see many people who think and feel the same way. If you haven't checked your credit score recently, you might find that it's a little higher than you originally thought. Even if you have been through a bankruptcy auto refinancing is available at our North York dealership.
Why Refinance Your Loan
Before you think about refinancing your car loan, ask yourself a few questions:
- Can you afford your monthly bills?
- Is your current monthly car payment too high?
- Do you wish that you could pay less for your car?
If you answered yes to one or more of those questions, now is the perfect time to refinance your auto loan. Even if your loan came from another Ontario lender or dealer, CanadaAutoApproval.ca can help you lower your payments. No matter what happens in your life or why you want to make a change, we'll help.
One of the biggest reasons why people opt for refinancing is because they can no longer afford a high car payment. When your hours change at work, you have higher bills than you did before or you need to cutback at home, your car payment is one of the first things you look at. Paying $500 or more for a car payment is ridiculous when you only make a few thousand dollars every month. We will help you learn why your monthly payment is so high and help you find ways to lower your payment even if you have bad credit.
If you want to refinance a car loan after a bankruptcy you may think that you will have some issues. Bankruptcies can cause many problems for those who want to establish new credit but at CanadaAutoApproval.ca we make refinancing possible with any situation. There are a few methods that you may be able to use to refinance a vehicle in Ontario regardless of your bankruptcy and regardless of your credit rating.
How Long Will a Bankruptcy Affect Your Credit?
Bankruptcies stay on a credit report for seven to ten years. However, your credit score will be affected the most during the first few years and less during the last few years. That means that if you declared bankruptcy a while ago it may not be affecting your credit score as much as you think. There are also various ways that you can rebuild your credit even if you have a bankruptcy on your report.
Where Can You Go For a Loan Refinance?
The best place to get a loan refinance after a bankruptcy will be a car dealership that specializes in bad credit auto loan lending like Canada Auto Approval. It is tends to be more difficult to get a loan through a bank or credit union without good to perfect credit. Before visiting our North York dealership you should fill out our online pre-approval to see what you will be approved for.
Used Car Dealerships Loans vs. Bank Loans
Before applying for any type of car loan you should check our local dealerships and banks rates. Typically with poor credit banks will either turn you down or offer you a loan with an astronomically high interest rate making the monthly payment out of your budget. When applying for car financing through CanadaAutoApproval.ca you will experience the following benefits:
- Bad credit loans from our company start on the internet. The loans can be entirely applied for and originated through the internet, and this includes refinancing.
- Dealership loans usually have longer terms of repayment, sometimes up to 9 years.
- While most bad credit consumers will experiences higher interest rates; we can offer the most competitive rates available making our loans more affordable.
- We offer guaranteed refinancing for bad credit. This means that Canada Auto Approval will approve a loan for anyone.
There may come a time during the life of your loan that you cannot afford to make the monthly payments on time. If you don't have great credit, your refinancing options may be few and far between. At CanadaAutoApproval.ca, car loan refinancing is an option for you regardless of your credit situation.
Refinancing a Car Loan Is Easy
Even if you got your loan through a different Ontario dealership, you will have no problem refinancing the loan with us to get more affordable terms. In some cases, you can get the loan refinanced to help you pay the loan back faster. While your monthly payment will go up, you will pay less interest when you pay the loan back faster. Reducing the amount of time that you take to repay the loan can help you improve your credit score as well because you are lowering your debt-to-income ratio at a faster pace.
Refinancing Your Loan When Buying a New Car
It is a common practice in the auto finance world to allow a borrower to roll over a balance from a previous loan into a new car loan. Anyone who needs to buy a new car right now can take advantage of that fact to borrow more money that you might otherwise be able to afford. Common tactics to get you approved for a new loan include:
- Extending the length of the loan
- Lowering your interest rate
- Accepting the old car as a trade
All three of these tactics will lower the amount of your payment each month to an affordable level. Borrowers should look to lower their interest rate or trade in their current vehicle as opposed to extending the loan. While that lowers your monthly payment, it will increase the amount of interest that you over time.
Borrowers looking for auto refinancing for bad credit should not hesitate to get to our North York dealership immediately to refinance their loan. Whether you are looking to refinance to lower your payment or finish paying off the loan faster, there is a plan that will fit the needs of every borrower.
Guaranteed car refinancing for bad credit is offered by many car dealerships that have in-house financing departments. If you are interested in obtaining a guaranteed car refinance in North York, Brampton, or London and you have bad credit there are a few things that you can do to make the process a little easier. Dealership loans are usually fairly easy to get and the dealership itself will usually walk you through the more difficult components of the process. Getting a dealership refinancing is easy to do with CanadaAutoApproval.ca even if your original loan wasn't obtained through us.
How to Refinance a Bad Credit Car Loan
Refinancing a loan is extremely similar to obtaining initial loan financing. You will usually need to provide documents regarding your current financial situation. Lenders other than car dealerships will usually pull your credit report, but some car dealerships will be able to offer a no credit check auto loan. A loan refinancing usually takes much less time than an initial loan, especially if you have been making regular payments.
Tips for Refinancing Your Vehicle with Bad Credit
- Comparison shop for different refinancing options to make sure that you get the best rates.
- Consider refinancing for a longer term if you are interested in cutting your monthly payments.
- Consider refinancing for a shorter term if you want to repay your loan faster and pay less interest.
- Always check your credit report before you apply for refinancing or financing to make sure everything is correct.
- Consider checking with your current lender when you refinance to see if they can give you a good offer.
Where to Find Bad Credit Auto Refinancing
One of the best places to refinance a vehicle loan is to go to an Ontario dealership. Dealerships – like We Approve You - are the only lender that offers truly guaranteed car financing for bad credit borrowers. A dealership will approve a refinance even for those with extremely poor credit. This allows you to take advantage of the best aspects of refinancing even if your credit situation is less than optimal. We also offer very flexible loan options which mean that you can customize your loan to suit your needs.
Bad credit scores are the heart of so many problems in Ontario. However, solutions do exist when you are paying a lot of money for your car loan and trying to deal with credit card bills, too. Auto refinancing for bad credit is definitely one of those options through CanadaAutoApproval.ca.
Bad Credit When You Bought The Car
If you had bad credit when you purchased the car, auto refinancing for bad credit can be really helpful for you. Let's say that you have completely changed your credit situation around. Maybe you went from:
- Poor to fair
- Fair to Good
- Poor to Good
Whatever the case may be, you are in a better place now and as a result, we can off you a lower interest rate on the loan. Having a lower interest rate means that your monthly payment is going to drop.
Bad Credit Right Now
Perhaps your credit situation is still the same as when you purchased the car. Since credit scores and interest rates are so closely connected, chances are that you will not see a drop in your interest rate right now. However, another positive change can come into play. Bad credit auto refinancing is also done to extend the amount of months in your loan. If you are able to get more months, you will still pay the same amount in the end. However, you will not have to pay as much on a monthly basis. You can use this extra money for any other debt.
How to Refinance with Bad Credit
No matter what the situation is, you will likely want to start at the source of your original loan. You might speak with one of the lenders at Canada Auto Approval, or go straight to the dealership where the loan is from, although many lenders in the Greater Toronto area won't refinance their own loans. Whatever you decide to do, you can discuss various plans with this entity. Sometimes, refinancing an auto loan with poor credit does take a little bit of time. When you consider the benefits though, you will see that it is worth it in the end.
Bad credit scores do not necessarily mean that you must make these absurdly high payments each month. If you are willing to take the time to refinance, you can really change your situation for the better.
Having bad credit scores is stifling in a number of ways. When you want to get a car loan, You may run into difficulties with some auto loan lenders. Or perhaps you already have the car loan after getting pre-approved through one of our lenders, and you are looking into bad credit auto refinancing. Fortunately, this is a possibility, but there are a few thing that are important information for you to know.
What Exactly is a Bad Credit Auto Refinance?
Before you undergo bad credit auto refinancing in Ontario, you should understand what the refinance process actually entails. Basically, when you refinance a car, or a house for that matter, you are generally able to work toward two particular goals:
- Lowering the interest rates on your car loan
- Extending the number of months in the term of your loan
- The end result is lower monthly payments
Often times, your current lender do a refi for you. Here at CanadaAutoApproval.ca we can help you get approved for an auto refinance regardless of where your current loan was opened.
Lowering Your Interest Rate with an Auto Refinance
If you had poor credit when you first obtained the loan, you probably had a higher interest rate. Luckily, you aren’t stuck with that rate forever. We can help you lower the rates with the best North York refi loans available. Right now, interest rates are lower than they have been at many other points in the past, and it’s a great time for you to rework your car note to benefit your financial situation.
Auto Refinancing for Bad Credit Can Lower Your Monthly Payments
Going for a refinance means that both of these possibilities are available to you. Canada Auto Approval can help you lower your interest rate and extend the length of your loan at the same time. With low credit scores, this option might work out better for you. Basically, by extending the number of months that are in your loan agreement, you are able to pay less money per month. While the total amount will be the same at the end of the agreement, you will have less of a financial burden right now.
Auto refinancing for bad credit is definitely something that is possible. You should know what refinancing actually is, and you should definitely take advantage of it to lower your monthly payments.
Nearly Everyone Can Get Refinanced
While our network of auto loan lenders will look at your credit history, don't worry if you have low credit scores because they have programs available for people in your situation. If you have ever refinanced a mortgage, the process is similar. However, the car refinancing car process generally does not take as much time.
Having a car loan means that the possibility of an auto refinance exists. Understanding car loans can be challenging at first. However, when you take the time to learn more about them, you can really experience the benefits they have for you.